10 Pfennig

Annaberg's 1920 Notgeld issue belongs to the vast wave of municipal emergency currency that flooded Germany as coin hoarding and metal shortages gutted small-denomination circulation. Thousands of German towns printed their own paper in this period, and Saxony alone produced an enormous volume — most of it through local print shops with no banknote experience.

Annaberg itself had been a significant silver-mining center since the fifteenth century, which gives a certain irony to a town historically built on coin metal resorting to printed paper scraps. Paper Notgeld at this denomination was essentially transactional debris — redeemable in theory, largely ignored in practice once inflation accelerated through 1921–1923.